An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

Reverse mortgages: Are they worth it?

Its hard to miss those commercials. They typically feature some B-list celebrity with an avuncular demeanor touting the advantages of getting cash from your home. But while reverse mortgages can be a useful retirement planning tool under the right circumstances -- helping you to boost retirement income, pay off debt or or even buy a home -- there are potential downsides.

Toward that end, here are five things you need to consider before signing up.

1. The basics. You must be 62 or older to take out a reverse mortgage and the amount you can borrow depends on your age, interest rate and the value of your home.

Under the Department of Housing and Urban Developments...

More Mortgages Current: TransUnion

More homeowners paid their mortgages on time in the third quarter of 2014 compared to the third quarter of 2013, according to the national consumer data firm TransUnion.

TransUnion reported in its latest mortgage report the percentage of borrowers at least 60 days late fell for the 11th straight quarter to 3.36% as of Sept. 30. The mortgage delinquency rate has declined nearly 17% in the last year (down from 4.03% in Q3 2013), the firm said.

Some of the nations largest markets saw the biggest drops, TransUnion said.

Between Q3 2013 and Q3 2014, Miami (-31.6%), San Francisco (-28.6%), Phoenix (-27.1%) and Los Angeles (-24.2%) experienced major improvements in delinquency....

Penn State commits to historic 20 percent energy reduction

Penn State has joined the US Department of Energy's Better Buildings Challenge and pledged to reduce its building portfolio's energy use by 20 percent over the next decade. With a commitment of 28 million square feet, Penn State becomes the largest university in the program, topping Michigan State (20 million square feet) and the University of Virginia (15 million).

Penn State has joined the US Department of Energy's Better Buildings Challenge and pledged to reduce its building portfolio's energy use by 20 percent over the next decade. 

Penn State is joining more than 200 Better Buildings Challenge partners from local governments, school districts and universities,...

U.S. Hotel Outlook Makes Hyatt Hotels Worth Considering (H)

Hyatt Hotels (NYSE:H) third quarter earnings report showcased a 7.6% increase in revenues which were up from $1.026 billion in the corresponding period of the previous year to $1.104 billion in the recently concluded quarter. Revenues were $20 million shy of meeting analysts consensus for the quarter. An analysis of segment wise revenues indicated that revenues from owned and leased hotels grew by 7.5% annually, and came in at $555 million for the quarter. The company was able to increase its revenue per available room (RevPAR) by 7.6% during the quarter, which was one of the reasons for an increase in the top line of the company. Total management franchising revenues grew by 18.8% and amounted...

Credit report, credit score: Know how to get both

At a recent library talk I gave, one of the topics of conversation dealt with credit scores and credit reports. One of the guests was retelling a horror story of being denied credit based upon problems in a credit report.

I told him he was in good company because former Fed Chairman Ben Bernanke had also recently been rejected in his attempt to refinance.

I realized that many people don't understand the difference between a credit score and a credit report. Although they are related, they are not the same.

There are three major credit reporting agencies: Equifax, TransUnion and Experian. They each independently accumulate data and prepare a credit report. Therefore, most...

SPAIN: What is actually on your credit report

Q. I know that my creditors report shows whether I make my payments on time, but what other information do they report about my credit activity?

A. I'm glad you asked this question, because many people misunderstand what gets reported on their credit report. When you know what to expect on your credit report, it's easier to catch mistakes and to make wiser financial decisions.

In a way, your credit report serves as a personal dossier. It includes your name, any other names you are known as, your current and former address, your employer, your Social Security number, a summary of all your accounts, any public records (such as a bankruptcy or a judgment filed against you) and any inquiries...

Reviewing Nonperforming Mortgages

I have written many columns focusing on the overhang of nonperforming first trust residential mortgages concentrated in the four largest money centers during the post financial crisis years. My last column on the subject was published in February: A Massive Overhang Fades Away.

Even though the carried value of nonperforming residential mortgages in the money centers has declined by about 40% in the past five years, it is still extraordinarily large by historical measures. At the current rate of resolution, it will take another decade to be fully resolved....657 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

10 Steps to Fixing a Credit Report Error

By Paula Pant,

Did you spot a mistake on your credit report? Take action immediately. This isnt the sort of thing you should overlook. A single blemish on your credit report can negatively affect your ability to get a loan, apply for a job, and may even be a symptom of potential identity theft.

Dont let an error, big or small, derail your financial future. Here are the 10 steps to take today to wipe away false or erroneous information from your credit report.

1. Monitor Your Credit Reports

You cant fix what you dont know. Youre entitled to a free copy of your credit report every year from each of the three main credit reporting agencies: Equifax, Experian...

Supreme Court & 2nd Mortgages; ARM Index News; What do FHA Numbers …

Recently the commentary noted, Maybe we should start at the grade school level and teach kids about money. How to make a budget, manage debt, save for retirement. Most kids only know how to use their ATM card and check their balance online. I challenge you to ask a millennial if they balance their checkbook (or know how). Tracy Sanderson with the Pacific Northwests Banner Bank penned, Mortgage folks should check out the ABAs volunteer program to help students. If every person in this industry volunteered for just 1 class a year, I think wed make a difference. Meanwhile the College Board reports that a child born this year and attending college between the years of 2032 and...

Live Wire: Credit report firms operate opt-out site

Q: The contact information you provided to stop unsolicited mail from credit issuers was greatly appreciated but not useful. When one goes to that website, ones Social Security number is required. Most people are extremely careful with whom they share this information and rightly so. There is no logical reason I can come up with for providing my Social Security number to stop one sort of annoying intrusion into my life while at the same time opening the door to possible identity theft. - PW, Lumberton


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